Question

Mike deposited $850 into the bank in July. From July to December, the amount of money he deposited into the bank increased by 15% per month. What's the total amount of money in his account after December? Round your answer to the nearest dollar. Show your work. 4.

Answer 1

$1.710

Explanation:

Mike deposited $850 into the bank in July.

In August his balance will be: $850×1.15 = $977.5

In September his balance will be: $977.5×1.15 = $1124.125

In October his balance will be: $1124.125×1.15 = $1292.74375

In November his balance will be: $1292.74375×1.15 = $1.486,6553125

In December his balance will be: $1.486,6553125×1.15 = $1.709,653609375

Therefore, the amount of money he will have after december will be $1.710